RD6 | Configuring a DAO as a Legal 503(c)
Last updated
Was this helpful?
Last updated
Was this helpful?
Author // Phillip Brock [accepted]
Editor // Kenneth Shultz, PE [accepted]
This paper will explore traditional bylaw language for registered 503(c) organizations and work to integrate them with on-chain governance. The board of directors will vote to approve or reject the newly proposed bylaws. If approved, The Build3 Foundation will submit the bylaws to the State Corporation Commission, included in the final product of this publication, and formally instantiate them on-chain through the substrate pallet configuration.
Construct the paper-contract language such that blockchain governance authorizes all future bylaw changes. Consider conditions for catastrophic network failure. For example, members, a committee, or a board of directors may adopt new bylaws through traditional means. After network recovery, Build3 Foundation must register any off-chain measures adopted to the blockchain.
The purpose is to finalize the Build3 Bylaws and publish findings for future organizations to use in consultation with their legal representation.